What is Value Added Tax ?
VAT is an indirect tax which is collected by the seller from the buyer through issuing invoices and deposited to state government accounts. VAT is also known as TIN.
When Required ?
Value Added Tax / TIN required if you are into the business of trading of goods i.e. sales and purchases of goods.
Monthly/Quarterly Tax Deposit
Value added tax is a tax levied on the sale of goods and deposited to the state government on a monthly or quarterly basis as per respective State VAT Laws.
Filing of Return
Every trading business having TIN number requires filing VAT Return on monthly/quarterly/half-yearly/annually as per respective State VAT laws.
Tax on Inter-State Sale
CST levied in case of Inter State Sale at the subsidized rate of 2% if buyer produces C-Form to the seller. If C-Form not produced VAT levied at the rate prevailing in the state of the seller.
VAT rate vary & depends on a type of goods. It can be 0%, 4%, 12%, 14%, 18%, etc. Normally, prevailing rate is 12%.
TIN/VAT/CST Registration Process
1. Collect requisite information & documents from you.
2. After scrutiny of documents & information obtained, we file an application for TIN.
3. Apply & obtain Provisional TIN (Temporary TIN) within 5 working days to start a business.
4. We provide you a VAT application form kit along with supporting documents.
5. Physical verification conducted by State VAT Authority Official at your premises.
6. After successful physical verification, Obtain Certificate of Registration.